沪深并购上市公司绩效评估的二次相对效益法

Binary relative evaluation model for M&A performance evaluation in Chinese listed companies

对2001年、2002年、2003年所抽取的39家样本公司,选取6项财务指标,采用因子分析和二次相对效益相结合的办法对上市公司并购前后绩效变化进行比较分析,得出三年来并购对上市公司业绩所产生的影响.样本研究表明,上市公司从总体上看并购后绩效有提高的趋势,并购事件对企业的影响是正面的,企业绩效与企业管理者主观努力程度呈正相关关系.

39 companies selected in 2001, 2002 and 2003 are chosen as the samples and six indexes are selected to analyze the performance of listed companies before and after M＆A using a combination method of factor analysis and binary relative evaluation. Then the influence of M＆A on the performance of listed companies is given. The research on the samples indicated that, generally speaking, the performance of listed companies tended to be enhanced after M＆A and it was positively related to the managers＂ subjective effort.